Dogecoin corrected some gains and traded below $0.1220 against the US dollar. DOGE now holds the support at $0.120 but could fall further.
- DOGE price started a new downward correction from USD 0.1275.
- The price is trading below the USD 0.1225 level and the 100-hour simple moving average.
- There was a break below a bullish trendline with support at $0.1245 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for another increase if it remains stable above $0.1200.
Dogecoin price cuts profits
Dogecoin price started a downward correction after it failed to clear $0.1275 like Bitcoin and Ethereum. DOGE fell below the USD 0.1250 and USD 0.1245 levels.
There was a move below the 50% Fib retracement level of the upward move from the $0.1175 swing low to the $0.1275 high. Moreover, there was a break below a bullish trendline with support at $0.1245 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading below the $0.1225 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1235 level. The first major resistance for the bulls could be near the $0.1250 level.
The next major resistance is near the $0.1275 level. A close above the resistance at $0.1275 could send the price towards $0.1350. Any further gains could send the price towards $0.1380. The next big stop for the bulls could be $0.1420.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1250 level, it could continue to decline. Initial downside support is near the $0.120 level and the 76.4% Fib retracement level of the upward move from the $0.1175 swing low to the $0.1275 high.
The next major support is near the $0.1192 level. The main support is at $0.1150. If there is a downside break below the USD 0.1150 support, the price could fall further. In the mentioned case, the price could slide towards the $0.1080 level or even $0.1050 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – USD 0.1200 and USD 0.1150.
Major resistance levels – $0.1250 and $0.1275.